Search found 9 matches

by mj23
Sun May 24, 2020 3:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 547

Re: Deemed disposition proof

I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, correct? If I understood correctly that's what Rev Proc 10-19 says: "The individual must attach documentation establishing the fair market value of the property, as determined under Canada’s deemed disposition rules, and confirm...
by mj23
Sun May 24, 2020 3:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 547

Re: Deemed disposition proof

I do need to attach forms T1243 and/or T1161 to my 1040 for IRS though, or not?
If I understood correctly that's what Rev Proc 10-19 says.
by mj23
Sun May 24, 2020 3:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 547

Re: Deemed disposition proof

Thanks!
by mj23
Sun May 24, 2020 2:22 am
Forum: Canada / United States Tax & Accounting
Topic: Capital Gains - California
Replies: 1
Views: 277

Capital Gains - California

Hello, Filing my 1st California Tax return after emigrating from Canada in 2019. I sold 4 out of 5 stocks listed on my Canadian deemed disposition forms in 2019, so I will have to declare capital gain on my US & California return. 1. How would I calculate capital gains on those sales for California ...
by mj23
Sun May 24, 2020 12:52 am
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 547

Deemed disposition proof

Hello,

I was wondering if I need to attach to my paper return to CRA and IRS the proof of the stocks deemed disposition book values and FMV for the departure forms T1243 and T1116?

Thank you!
by mj23
Sun May 24, 2020 12:45 am
Forum: Canada / United States Tax & Accounting
Topic: Statement of World Income
Replies: 5
Views: 387

Re: Statement of World Income

Sorry, to clarify did you mean Rev Proc 2010-19?
I am not familiar with the other...
by mj23
Thu May 21, 2020 11:33 am
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 24
Views: 1500

Re: Emigrant return T1161 & T1243

Thank you, I think it makes sense that it is June.
But what I'm confused about is how would I do my US taxes if I use end of June as the deemed disposition date, but US considers me resident since Jan st 2019?
Wouldn't they want deemed disposition numbers as of Jan 1st instead?
by mj23
Thu May 21, 2020 11:25 am
Forum: Canada / United States Tax & Accounting
Topic: Statement of World Income
Replies: 5
Views: 387

Re: Statement of World Income

That clears it up. Thank you!
by mj23
Wed May 20, 2020 10:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Statement of World Income
Replies: 5
Views: 387

Statement of World Income

I am filing an Emigrant return for 2019. The only income that I had after I left Canada was from the sale of my stocks in my Canadian brokerage account. Most were Canadian stocks and 1 TD Mutual Fund (held in USD currency). I have already put them on the deemed disposition forms as of date of depart...